Ant Financial raises offer for MoneyGram

SHANGHAI • Ant Financial raised its agreed offer for MoneyGram International by 36 per cent as the financial-services company, controlled by Chinese billionaire Jack Ma, tries to top a competing offer and overcome security concerns.

The revised bid is worth US$18 (S$25.10) a share in cash, up from a previous offer of US$13.25, the companies said in a joint statement. The new deal, which has the backing of MoneyGram's board, values all the common and preferred stock at US$1.2 billion, it said.

Euronet Worldwide last month offered US$15.20 a share for the payments company.

BLOOMBERG

FGL deal lapses after Anbang fails to get nod

BEIJING • China's Anbang Insurance Group will let its agreement to acquire US annuities and life insurer Fidelity & Guaranty Life (FGL) for US$1.6 billion (S$2.23 billion) lapse, after failing to secure all the necessary regulatory approvals, people familiar with the matter said on Sunday.

The development casts new doubt on Anbang's commitment to US deals, following its abandoned attempt last year to acquire Starwood Hotels & Resorts Worldwide for US$14 billion.

Marriott International ended up buying Starwood.

Anbang's FGL acquisition could not get past some US state regulators. FGL had extended its merger agreement with Anbang, but Anbang has failed to meet the conditions for any further extension, the sources said.

REUTERS

Indonesia revises trade figures for Feb

JAKARTA • Indonesia's statistics bureau yesterday revised upwards its figures for exports and imports in February. The bureau said exports from Indonesia were worth US$12.62 billion (S$17.61 billion) in February, up from the US$12.57 billion it reported a month ago.

Imports in February were revised to US$11.35 billion from US$11.26 billion. The revisions brought the trade surplus to US$1.27 billion.

South-east Asia's largest economy posted a US$1.23 billion trade surplus last month, the bureau said yesterday. Indonesia has had a trade surplus since last year.

REUTERS